We start from the proposition that we are not strategic capital allocators; we are bottom-up capital allocators. We invest not by choosing the commodity in which to put money but by choosing the project in which to put money.
[...]
Finally, our experience is that regular investments—as opposed to one-offs—succeed better. That’s also true of divestments. It’s the same principle as time–cost averaging.
(via McKinsey Quaterly)
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